Economics in Georgia Standards E 1 E 5

Economics in Georgia Standards E 1 – E 5

SS 8 E 1 The Student will give examples of the kinds of Goods & Services produced in GA in different historical periods. • Pre-History & Colonial Period • Mississippian Indians: Agriculture (maize, beans, gourds) • Colonials: Agriculture (rice, indigo, tobacco, cotton), Livestock, Lumber • Antebellum Period: • Agriculture (Cotton, tobacco, cotton, and cotton) • Attributed to the invention of the Cotton Gin • Civil War & Reconstruction • Agriculture (COTTON) • Manufacturing (textiles & weapons) for the war effort & rail lines • Reconstruction: Agriculture by Sharecroppers & Tenant Farmers • New South • • Naval Stores Industry Textile Industry Agriculture Coca Cola • Depression Era • Boll Weevil & Drought negatively impacted Agriculture • Delta Airlines established in ATL • Georgia-Pacific paper products company established • World War II • Manufacturing: Bell Bombers & Liberty Ships • Agriculture begins to rebound • Postwar Georgia • Agriculture (diversified crops: pecans, peanuts, cotton, peaches Vidalia Onions) • Leader in Shrimping, Cattle & Poultry industries • Home Depot, Chick-fil-A, AFLAC, UPS, Waffle House • Manufacturing: Lockheed-Martin, KIA • Tourism • Film Industry “Hollywood of the South”

SS 8 E 2 The Student will explain the benefit of free trade • How did Georgians engage in trade in the different time periods mentioned in the previous slide? • What are the 4 Transportation Systems in Georgia, and how do they contribute to our role in trade? • What do the Transportation Systems interact to provide? • ? ? ?

SS 8 E 3 The Student will evaluate the influence of Georgia’s economic growth & development • Entrepreneur • A person who takes a risk by investing in/establishing a business opportunity. • Seeking a profit • Profit • The amount of revenue remaining after all overhead costs have been paid. • Overhead: Rent, Pay for employees, supplies… Some Georgia-Based Businesses

SS 8 E 4 The student will identify revenue sources for and services provided by state and local governments • Sales Taxes • 2 nd largest source of state income • Important income for local & county governments • State sales tax is 4% • Counties add to the taxes to generate revenue for services • Personal Income Taxes • Largest source of state income • Graduated tax system • The more you make, the more taxes you pay • Property Taxes • Based on ownership or possession of property, tax based on market value of property • Federal Grants • Awards of financial assistance from a federal agency to carry out a public purpose • Ex: 2010 – Congress approved $234 million dollars for Georgia’s Medicare program and $322 million for education

It’s your turn to answer the questions! You have 4 minutes to answer the 4 questions… GO!!!!

SS 8 E 5 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing. Term • Income Definitions A. An amount of money loaned to a person that must be paid back along with additional interest. • Spending B. The amount of money a person earns during a year. • Credit C. Using money in hopes of gaining more in the future by lending to businesses in • Saving • Investing exchange for a share of profits. D. The amount a person purchases. E. Setting aside of income for future use.

WE ARE FINISHED… ALL STANDARDS HAVE BEEN COVERED!!!! THE REST IS UP TO YOU!!!!!!